,000 Equipment 250,000 205,000 Accumulated depreciation—buildings (49,500) (40,000) $590,400 $458,900 Liabilities and Stockholders’ Equity Accounts payable $ 57,700 $ 48,280 Accrued expenses payable 12,100 18,830 Bonds payable 100,000 70,000 Common stock 250,000 200,000 Retained earnings 170,600 121,790 $590,400 $458,900 JHUTTI COMPANY Income Statement For the Year Ended December 31, 2012 Sales revenue $297,500 Gain on sale of equipment 8,750 306,250 Less: Cost of goods sold $99,460 Operating expenses (excluding depreciation expense) 14,670 Depreciation expense 49,700 Income taxes 7,270 Interest expense 2,940 174,040 Net income $132,210 Additional information: 1. Equipment costing $92,000 was purchased for cash during the year. 2. Investments were sold at cost. 3. Equipment costing $47,000 was sold for $15,550, resulting in gain of $8,750. 4. A cash dividend of $83,400 was declared and paid during the year. Instructions Prepare a worksheet for the statement of cash fl ows using the indirect method. Enter the reconciling items directly in the worksheet columns, using letters
,000 Equipment 250,000 205,000 Accumulated depreciation—buildings (49,500) (40,000) $590,400 $458,900 Liabilities and Stockholders’ Equity Accounts payable $ 57,700 $ 48,280 Accrued expenses payable 12,100 18,830 Bonds payable 100,000 70,000 Common stock 250,000 200,000 Retained earnings 170,600 121,790 $590,400 $458,900 JHUTTI COMPANY Income Statement For the Year Ended December 31, 2012 Sales revenue $297,500 Gain on sale of equipment 8,750 306,250 Less: Cost of goods sold $99,460 Operating expenses (excluding depreciation expense) 14,670 Depreciation expense 49,700 Income taxes 7,270 Interest expense 2,940 174,040 Net income $132,210 Additional information: 1. Equipment costing $92,000 was purchased for cash during the year. 2. Investments were sold at cost. 3. Equipment costing $47,000 was sold for $15,550, resulting in gain of $8,750. 4. A cash dividend of $83,400 was declared and paid during the year. Instructions Prepare a worksheet for the statement of cash fl ows using the indirect method. Enter the reconciling items directly in the worksheet columns, using letters
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter14: Statement Of Cash Flows (cashflow)
Section: Chapter Questions
Problem 1R: The comparative balance sheet of Prime Sports Gear, Inc., at December 31, the end of the fiscal...
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Question
Condensed fi nancial data of Jhutti Company appear below.
JHUTTI COMPANY
Comparative Balance Sheets
December 31
Assets 2012 2011
Cash $ 92,700 $ 47,250
Accounts receivable 90,800 57,000
Inventory 121,900 102,650
Investments 84,500 87,000
Equipment 250,000 205,000
Accumulated depreciation —buildings (49,500) (40,000)
$590,400 $458,900
Liabilities and Stockholders’ Equity
Accounts payable $ 57,700 $ 48,280
Accrued expenses payable 12,100 18,830
Bonds payable 100,000 70,000
Common stock 250,000 200,000
Retained earnings 170,600 121,790
$590,400 $458,900
JHUTTI COMPANY
Income Statement
For the Year Ended December 31, 2012
Sales revenue $297,500
Gain on sale of equipment 8,750
306,250
Less:
Cost of goods sold $99,460
Operating expenses (excluding
depreciation expense) 14,670
Depreciation expense 49,700
Income taxes 7,270
Interest expense 2,940 174,040
Net income $132,210
Additional information:
1. Equipment costing $92,000 was purchased for cash during the year.
2. Investments were sold at cost.
3. Equipment costing $47,000 was sold for $15,550, resulting in gain of $8,750.
4. A cash dividend of $83,400 was declared and paid during the year.
Instructions
Prepare a worksheet for the statement of cash fl ows using the indirect method. Enter the reconciling items directly in the worksheet columns, using letters to cross-reference each entry
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